NORWAY

COUNTRIES A-Z

Norway Economy

Country Name: Kingdom of Norway

Capital City: Oslo

Population: 4,610,820 (2006)

Population Growth: 0.38% (2006)

Currency: Norwegian krone (NOK)

Languages: Bokmal, Nynorsk Norwegian

Area: 324,220 sq km

Inflation Rate: 2.3% (2006 est.)

Unemployment Rate: 3.5% (2006)

Domain extension: .no

ECONOMIC DETAILS OF NORWAY

ECONOMY OVERVIEW
The Norwegian economy is a prosperous bastion of welfare capitalism, featuring a combination of free market activity and government intervention. The government controls key areas, such as the vital petroleum sector, through large-scale state enterprises. The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on its oil production and international oil prices, with oil and gas accounting for one-third of exports. Only Saudi Arabia and Russia export more oil than Norway. Norway opted to stay out of the EU during a referendum in November 1994; nonetheless, as a member of the European Economic Area, it contributes sizably to the EU budget. The government has moved ahead with privatization. Although Norwegian oil production peaked in 2000, natural gas production is still rising. Norwegians realize that once their gas production peaks they will eventually face declining oil and gas revenues; accordingly, Norway has been saving its oil-and-gas-boosted budget surpluses in a Government Petroleum Fund, which is invested abroad and now is valued at more than $250 billion. After lackluster growth of less than 1% in 2002-03, GDP growth picked up to 3-4% in 2004-06. Norway's economy remains buoyant. Domestic economic activity is, and will continue to be, the main driver of growth, supported by high consumer confidence and strong investment spending in the offshore oil and gas sector.

GDP - purchasing power parity:

$213.6 billion (2006 est.)

GDP - real growth rate:

4.6% (2006 est.)

GDP - per capita:

$46,300 (2006 est.)

GDP - by sector (agriculture):

agriculture: 2.3%

GDP - by sector (industry):

industry: 41.4%

GDP - by sector (services):

services: 56.3% (2006 est.)

Export Partners:

UK 26.6%, Germany 12.2%, Netherlands 10.4%, France 8.2%, Sweden 6.5%, US 5.9% (2006)

Import Partners:

Sweden 15%, Germany 13.5%, Denmark 6.9%, UK 6.4%, China 5.7%, US 5.3%, Netherlands 4.1% (2006)

Export Commodities:

petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish

Import Commodities:

machinery and equipment, chemicals, metals, foodstuffs

Exports Volume:

$122.6 billion f.o.b. (2006 est.)

Imports Volume:

$59.9 billion f.o.b. (2006 est.)

Labour Force:

2.42 million (2006 est.)

Unemployment Rate:

3.5% (2006 est.)

Population below poverty line:

NA%

Inflation Rate:

2.3% (2006 est.)

Investment (gross fixed):

19.1% of GDP (2006 est.)

Public Debt:

44.8% of GDP (2006 est.)

Agriculture Products:

barley, wheat, potatoes; pork, beef, veal, milk; fish

Industries:

petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles, fishing

Industrial Production Growth Rate:

1.8% (2006 est.)

Electricity - production:

108.9 billion kWh (2004)

Electricity - consumption:

112.8 billion kWh (2004)

Electricity - exports:

3.8 billion kWh (2004)

Electricity - imports:

15.3 billion kWh (2004)

Oil - production:

3.22 million bbl/day (2005 est.)

Oil - consumption:

244,300 bbl/day (2004 est.)

Oil - exports:

3.466 million bbl/day (2001)

Oil - imports:

88,870 bbl/day (2001)

Natural gas - production:

83.49 billion cu m (2004 est.)

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Current Account Balance:

$63.33 billion (2006 est.)

Currency Code:

Norwegian krone (NOK)